Gold price keeps testing that $1600 level
As the on/off rumors of an imminent Euro bailout keep cropping up at the end of the trading day, rallying stock markets in process, the gold price keeps testing the $1600 level.
After the 20% odd sell off from the highs consolidating above the $1600 area (and crucially above that 150DMA at $1587) is probably the best bulls can hope for right now.
Gold price $:
Gold price £:
Longer term $ gold:
The 150DMA is the blue line in the above chart – the importance of which we covered here. As you can see gold retested that level on the 29th September and has managed to keep above it since.
- Silver price testing key $37.8 level
- Gold price right at $1800 support level
- Gold price rebounds as the 200DMA holds again
- GFMS Gold Survey 2011 – price to hit $1600 this year
- Spain 10 year bond right at that critical 5.56% level
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-keeps-testing-that-1600-level-5354/